Up and Down Wall Street

Mad Men Meet Their Match

The U.S. gives the green light to advertising by hedge funds. One thing they won't be touting: their recent performance.

There are things that, even though they originated separately, just go together perfectly. Laurel and Hardy. Lennon and McCartney. Gin and vermouth. And now, hedge funds and advertising.

The Securities and Exchange Commission last week voted to lift its 80-year ban on advertising by hedge funds, but these private investment vehicles would still be limited to so-called accredited investors -- those with at least $1 million in assets, excluding their homes. In other words, the government, which has been tightening rules for...